(Alliance News) - Stellantis NV and Zhejiang Leapmotor Technology Co announced on Friday that they are exploring an expansion of their strategic partnership through a series of initiatives following their existing agreement.
In October 2023, Stellantis became Leapmotor's largest single shareholder by acquiring an approximately 21% stake. Simultaneously, Leapmotor International was launched as a joint venture, with Stellantis holding 51% and Leapmotor 49%, granting exclusive rights for the sale and production of Leapmotor products outside of China.
Stellantis and Leapmotor intend to deepen and expand their cooperation by 'significantly' increasing production at the Stellantis plant in Figueruelas, Zaragoza, Spain.
The companies are evaluating the addition of a new production line for Opel's new C-SUV BEV model. While the timeline remains under review, production could potentially commence in 2028. According to a statement, the project would utilize 'highly competitive LPMI-sourced components that would significantly improve affordability for European customers.'
Furthermore, Stellantis and Leapmotor would cooperate on procurement through LPM to bolster 'price competitiveness by leveraging the Chinese new energy vehicle ecosystem, while simultaneously enhancing European supply chain capabilities to increase resilience and accelerate time-to-market for new models.'
Finally, with a view to securing the future of the Villaverde plant in Madrid, the planned expansion could include the allocation of a new Leapmotor model to the facility starting in the first half of 2028.
Stellantis and Leapmotor are currently conducting feasibility studies and preliminary development activities under existing agreements and are continuing discussions aimed at a potentially broader industrial cooperation.
Stellantis shares were trading up 1.5% at EUR6.50 on Friday.
By Michele Cirulli, Alliance News reporter
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